Mortgage shopping - recommendations?

[digitaloutlaw]

I'm with BMO for my mortgage with 1.5 years left on the current 5 year term, and with the current rates dropping everywhere - I'd like to either get them to drop the rate or move to another bank or mortgage company. Does anyone know which places will offer to pay my penalty to move to them? Or does anyone have any advice on how to get BMO to let me switch to a lower rate without having me pay their penalty?

[tlamm]

I'm with BMO for my mortgage with 1.5 years left on the current 5 year term, and with the current rates dropping everywhere - I'd like to either get them to drop the rate or move to another bank or mortgage company. Does anyone know which places will offer to pay my penalty to move to them? Or does anyone have any advice on how to get BMO to let me switch to a lower rate without having me pay their penalty?

No one will pay your penalty.

Wait until your term is over and find a better rate based on that times rates.

[bimmer009]

Check out http://www.ratesupermarket.ca/ - they compare rates from a bunch of lenders and have the lowest rates I've seen.

[Seanhfx]

no, don't wait until your term is up...Call them and make an appt to refinance. Don't know how BMO works but CIBC just called me to talk about my rate as we are into year 3 of 5 year term (currently fixed @ 5.1%).

[LWNTHK]

no, don't wait until your term is up...Call them and make an appt to refinance. Don't know how BMO works but CIBC just called me to talk about my rate as we are into year 3 of 5 year term (currently fixed @ 5.1%).

Don't call them. Just go to the branch and talk to them. Be sure to do your homework first. (i.e what rates which bank offer). Be sure to check what is your penalty. Can you pay down your mortgage to reduce your penalty. What do they offer. Make sure they know that you are shopping. Don't hesitate to leave to go to other bank, or other BMO branches. What they could offer depends on who do you talk to.

[liorsyncro]

Go in person and discuss your situation. You can contact a broker, who will probably find you a better rate, but you are early into your term and interest rates have gone down further. As such, be prepared to pay a hefty fee to break it.